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Jul 15, 2012 10:30am EDT
, baltimore, philadelphia, the oakland/san francisco bay area, new york city, cleveland and riverside- salmon and tuna-ontario, california. these are areas that were heavily impacted -- riverside- san bernardino-ontario, california. these are areas that were heavily impacted. wells fargo has agreed to conduct an internal compliance review of a subset of its retail subprime loans during 2004-2008 to identify any prime qualified african-american or latino retail customer who was improperly placed in a subprime loan. wells fargo will compensate these borrowers in an amount similar to the amounts paid to borrowers who received improperly subprime loans from the wholesale division. all amounts paid to retail customers will be in addition to the $125 million in relief for the wholesale customer. while the federal government must be a credible deterrent to those who would choose to violate our fair lending laws, the best policing is often the policing that comes from within. that work is vital to ensuring fair and equal treatment for borrowers and the success of thoughtful and comprehensive complian
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